A few months ago, Google open sourced the VP8 video codec as part of the WebM video project, to create a truly Free/free unencumbered video format for the web as an answer to the non-Free/free patent-encumbered H264 format. Today, Google launched a new image format for the web, WebP, which aims to significantly reduce the file size of photos and images on the web.

With disk space so cheap png is the real winner here for typical digital camera image storage. Kind of like flac vs mp3: you want to archive lossless and re-encode as needed for whatever new portable device you have.